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Home > Business/Finance > Diversified Services > General Business Services
Parking Facility Management
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The parking facility management industry includes about 3,000 companies with combined annual revenue of over $8 billion. Major companies include Standard Parking, Apco System Parking, and Central Parking. The industry is concentrated: the top 50 companies have 75 percent of the market, although the vast majority of companies are small and operate a single parking facility generating about $600,000 in annual revenue.
The parking facility management industry provides temporary parking spaces for vehicles on an hourly, daily, weekly, or monthly basis, and doesn't include long-term vehicle storage.
COMPETITIVE LANDSCAPE
Demand is driven by the occupancy rates of commercial real estate: large buildings require parking spaces for commuters, customers, and related area industry. The profitability of individual companies depends on operational efficiency and customer service. Large companies have advantages in relationships with large property managers and owners, and economies of scale in operating efficiency. Small companies can compete effectively by catering to customer needs and operating a desirable location. The industry is labor-intensive: average annual revenue per employee for a typical company is less than $60,000.
PRODUCTS, OPERATIONS & TECHNOLOGY
Major services are auto parking services in parking lots and garages. Ancillary services, such as oil changes, auto detailing, and dry cleaning pickup, are offered at many urban parking facilities, but their revenue is less than 5 percent of total industry revenue. Companies with facilities at airports frequently offer shuttle buses between the parking facility and airport ...
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